Dale purchased the following blocks of Westgate Stock Date June 12, 2019 October 21, 2019 December 18, 2021 Shares 1,220 1,950 1,700 a Long-term gain bLong-term gain bShort-term loss Required: a. Dale sold 1,800 shares of the stock on November 20, 2022, for $5.00 per share for a total of $9,000. Using the first-in, first-out method, determine the gain or loss on the sale of the Westgate stock. b. Using the specific identification method, what is the gain or loss on the sale of the Westgate stock if 820 of the shares sold were identified as being from the October 21, 2019, purchase and the remaining 980 shares from the December 18, 2021, purchase? Note: Do not round intermediate computations. Price $ 4.00 $4.20 $5.20 Amounts

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.